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Armenia Strengthening Insolvency and Restructuring Framework

 | Published March 15, 2017  -  Deadline April 3, 2017

Project Description: Armenia introduced a number of amendments to its 2006 Insolvency Law, which came into effect in June 2016. The amendments included a new pre-insolvency reorganisation procedure and a stronger moratorium on creditor enforcement in reorganisation. Nevertheless there is a widely held perception across stakeholder groups that a debtor’s business cannot be reorganised in formal insolvency proceedings and the number of reorganisation cases initiated in Armenia remains very low. There are also weaknesses in the existing system of regulation and supervision of insolvency office holders (“IOHs”) which has led to complaints from insolvency stakeholders.

The Ministry of Justice of the Republic of Armenia (the “MoJ”) has therefore requested the assistance of the European Bank for Reconstruction and Development (the “EBRD” or the “Bank”) with a general review of the country’s corporate insolvency law framework, with particular focus on corporate reorganisation and strengthening of the supervisory regime for insolvency practitioners. In addition, the MoJ has asked the EBRD to help to improve the level of key stakeholder knowledge and awareness of the new Armenian insolvency framework. This would be conducted through outreach activities including workshops and written guidance on the new insolvency procedures. A further task will be capacity building for IOHs, which is essential for successful implementation of the Insolvency Law.

Therefore, the Bank intends to engage a consultancy firm (the “Legal Consultant” or the “Consultant”) to implement the above referenced project (the “Project”).

The Project will be structured in two parts: (i) Part 1 - assistance to the MoJ with the insolvency framework; and (ii) Part 2 - assistance to the MoJ with outreach activities for stakeholders and a written guide for stakeholders to the Armenian insolvency framework and assistance on capacity building and training of IOHs.

The overarching objective of the Legal Consultant during Part 1 of this Project is to review and identify weaknesses in the Armenian corporate insolvency law framework, with focus on corporate reorganisation and the supervisory and regulatory framework for IOHs, and to assist the MoJ with any necessary amendments to the legislation. Subject to: (i) availability of funding; (iii) satisfactory performance of the Legal Consultant; and (iii) the Bank’s request, Part 2 of the Project is expected to commence. The objectives of Part 2 are expected to be to raise stakeholders’ awareness and understanding of the Armenian insolvency framework and to assist with capacity building and training for IOHs in key areas of insolvency practice including reorganisation.

Activities to be undertaken by the Legal Consultant are expected to include:

Part 1

Task 1: Legislative Review and Drafting

(i) preliminary review of the corporate insolvency framework in Armenia, focused on corporate reorganisation, analysing any legislative and/or implementation weaknesses identified in the insolvency framework, and setting out clear recommendations for addressing the identified impediments (“Insolvency Law Review”). The Insolvency Law Review should benchmark the existing corporate restructuring and insolvency framework practice in Armenia against international best practices and with reference to practical cases and examples;

(ii) presentation of the Insolvency Law Review to the MoJ for discussion and consultation; and (iii) expert assistance to the MoJ to prepare draft amendments to the Insolvency Law to address any major shortcomings identified in the Insolvency Law Review.

Task 2: Assessment of Supervisory and Regulatory Framework for insolvency office holders

(i) assessment of the existing supervisory regime for IOHs (the “IOH Assessment”), which identifies any existing weaknesses and proposes ways in which supervision of IOHs could be strengthened within the existing self-regulatory framework, drawing on the findings of the 2014 EBRD assessment of IOHs in 27 countries of operations (see );

(ii) presentation of the IOH Assessment to the MoJ for discussion and consultation; and

(iii) expert assistance to the MoJ to prepare draft amendments to the Insolvency Law and/or any ancillary legislation to implement the key recommendations contained in the IOH Assessment.

Part 2

Task 1: Capacity building for insolvency office holders

(i) preparation of a training methodology and programme, with reference to the issues identified in the Insolvency Law review; and

(ii) delivery of a two to three day module to up to three groups of IOHs on selected topics, highlighting relevant changes in the insolvency framework and focusing on how to achieve the overall objectives of insolvency law.

Task 2: Guidance and outreach for key stakeholders

(i) drafting of a guide for insolvency stakeholders on the key provisions of the Insolvency Law; and two to three workshops or, alternatively, one workshop and a conference

(ii) on the overall objectives and purpose of insolvency and restructuring for public and private sector participants.

The complete Terms of Reference for this Project are available via the following link:

Project Start Date and Duration: It is expected that the Project should start in April 2017 and should last 18 months.

Maximum Cost Estimate: The total maximum cost estimate for this Project is expected not to exceed EUR 178,983.00, exclusive of VAT, in particular:

Part 1 - EUR 83,335.00; exclusive of VAT.

Part 2EUR 95,648.00; exclusive of VAT. Part 2 of the Project is expected to commence subject to: (i) availability of funding; (ii), satisfactory performance of the Legal Consultant; (iii) the Bank’s needs. The Bank reserves the right to contract the Legal Consultant for Part 1 only.

The Consultant must determine whether any VAT would be chargeable on the services and the basis for that determination, without taking into consideration the Bank’s special status as an International Financial Institution and state this to the Bank in their response to Notification of Assignment. To the extent that a consultant incurs input VAT on goods and services purchased in connection with the provision of services (e.g., VAT on airline ticket) which is not otherwise recoverable by the consultant from the local tax authority, the gross cost to the consultant of such expenses shall be treated as a reimbursable expense.

Funding Source: It is anticipated that this Project will be financed through the EBRD Technical Cooperation Programme. Selection and contracting will be subject to availability of funding.

Eligibility: There are no eligibility restrictions.

Consultant profile: The Legal Consultant shall be a firm or a group of firms, with previous project experience in corporate insolvency and restructuring frameworks and practices, including reviewing and drafting laws and sub-legal instruments related to insolvency and restructuring and IOH regulation, preferably with focus on corporate reorganisation. The Legal Consultant should also have extensive experience in capacity building and outreach.

The Legal Consultant’s expert team should include the following key experts (the “Key Experts”):

a) Key Expert No 1: Team Leader - a senior international insolvency and restructuring expert with deep knowledge and preferably at least 12 years of relevant and extensive "hands-on" experience in assessing corporate insolvency and restructuring frameworks and practices available to dedicate time to travel in the country where the Project is being carried out;

b) Key Expert No 2: Training Expert - An experienced training professional, with extensive experience in insolvency and restructuring s and practices to oversee and conduct training and knowledge transfer components foreseen under the Project, and

c). Key Expert No 3: Local Legal Advisor – a local Insolvency and Restructuring expert who is be able to contribute to the drafting of the necessary legislative documents, templates, guidelines, and other materials, with a thorough understanding of the objectives of the reform. The Local Legal Advisor must have excellent interpersonal skills and will be responsible for keeping the contacts with all key stakeholders during the project implementation. Detailed knowledge of the local legal, economic and governmental environment and working methods are essential.

In addition to Key Experts, the Legal Consultant’s expert team is expected to include experienced experts and analysts with high-level legal, regulatory, economic and financial expertise in insolvency and restructuring and ideally previous experience in drafting laws and regulations.

All Key Experts should be fluent in English. The Local Legal Advisor and the Training Expert should be also fluent in Armenian.

Submission Requirements: In order to determine the capability and experience of consultancy firms seeking to be selected for this Project, the information submitted should include the following:

(a) Firm’s profile, organisation and staffing (max. 2-4 pages);

(b) Details of firm’s previous project experience or similar assignments particularly undertaken in the previous 10 years, including information on contract value, contracting entity/client, project location/country, duration (mm/yy to mm/yy), expert months provided (if different from duration), assignment budget, percentage carried out by consultant in case of association of firms or subcontracting, main activities, objectives, etc;

(c) Separately for Part 1 and Part 2 of the Project: Methodology for implementing the tasks to deliver the expected outcome and outputs, and the degree of details of such output(s) and ii) a Proposed Work Plan outlining the plan for the implementation of the main activities/tasks of the Project, their duration plus milestones and (max. 4 pages);

(d) CVs of Key Experts who could carry out the Project detailing qualifications, experience in similar assignments, particularly assignments undertaken in the previous 5 years, including information on contracting entity/client, project location/country, duration (mm/yy to mm/yy), expert months provided, assignment budget, main activities, objectives.

(e) Completed Consultant Declaration and Contact Sheet, the template for which is available from the following web-link: The expression of interest shall not exceed 20 pages excluding CVs and contact/declaration sheet.

Failure to include correctly completed and signed Consultant Declaration may result in the applicant being disqualified from the selection process for this Project.

(f) Financial Proposal, separately for Part 1 (for EUR 83,335.00) and Part 2 (for EUR 95,648.00) of the Project, in the format provided in Annex 1 to the Terms of Reference for the Project (available via the above referenced link)

The above information should not exceed 35 pages excluding CVs and Consultant Declaration and Contact Sheet.

The complete expression of interest (including CVs and Consultant Declaration and Contact Sheet) should be submitted, in English electronically through e-Selection, to reach the Bank not later than the closing date. The expression of interest shall be one file (pdf).

EBRD Contact Person:

Marina Matushina

Advisor, Technical Cooperation

European Bank for Reconstruction and Development

One Exchange Square

London EC2A 2JN

Tel: + 44 207 338 6577


(expressions of interest must be submitted through eSelection and NOT to this email address)


1. The selection will normally be made from responses to this notification only. Consultants will not be asked to submit a proposal. The highest-ranked Consultant will be selected from a shortlist and invited to negotiate the contract, subject to availability of funding from an appropriate donor.

2. The shortlist criteria are as follows:

Firm’s previous project experience in assessing corporate insolvency and restructuring frameworks and practices, including reviewing and drafting laws and sub-legal instruments related to insolvency and restructuring and IOH regulation, preferably with focus on corporate reorganisation - 30 points

Firm’s proposed methodology and work plan - 15 points;

Firm’s experience in capacity building and outreach -25 points; and

CV of Key Experts demonstrating their previous experience over the activities mentioned above - 30 points.

Following the above referenced technical evaluation an additional 25 points will be allocated to the firm’s financial proposal submitted as part of the firm’s expression of interest.

The methodology for calculating scores for financial proposals is as follows: The lowest evaluated Financial Proposal (Fm) is given the maximum financial score of 25 points. The formula for determining the financial scores of all other Proposals (Sf) is calculated as follows: Sf = 25 x Fm/ F, in which "Sf" is the financial score, "FM" is the lowest price, and "F" the price of the proposal under consideration.

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